Novavax’s 99% Surge Gives ‘Rib-Crunching’ Squeeze to Shorts
- Stock climbed after $1.2 billion licensing deal with Sanofi
- S3 Partners said paper losses amounted to about $255 million
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Novavax Inc.’s record one-day gain is forcing some short sellers betting against the stock to exit their positions at a loss.
Shares of the vaccine maker soared 99% Friday, after the company signed a $1.2 billion licensing agreement with Sanofi that includes commercializing a combined Covid-19 and flu shot. The move boosts a stock that had plunged about 99% — prior to the deal — from its 2021 peak amid waning demand for its Covid vaccine.